What you need to know:
- He said the government will continue to make reforms in the insurance industry to reduce challenges facing the industry and attract interested stakeholders to invest in the sector.
Dar es Salaam. The government has called on the public, especially those in the agricultural sector, to use insurance as a way of reducing financial losses as the sector was still facing many unpredictable risks.
Finance Minister Dr Mwighulu Nchemba said unpredictable weather, accelerated by climate change, pests, animal invasion and diseases are still a challenge to farmers.
Dr Nchemba was speaking during the 25th anniversary of Alliance Insurance Corporation over the weekend.
"Climate change is a global and national calamity, but the attitude of many people is that calamities cannot strike them or that they cannot be affected. To avoid calamities caused by climate change, the government encourages wananchi to cover their properties,” he said.
He said the government will continue to make reforms in the insurance industry to reduce challenges facing the industry and attract interested stakeholders to invest in the sector.
Commissioner general of the Tanzania Insurance Regulatory Authority (Tira), Dr Baghayo Saqware urged insurance companies to adhere to rules, regulations and guidelines set by the authority so as to operate in fairness, competition and professionalism for the development of the insurance industry.
“We wish to see the insurance industry perform in an efficient, fair, safe, and stable market for the benefit and protection of policyholders,” he said.